Starwood Hotels & Resorts Worldwide (HOT) NewsBite - Downgrade Puts Pressure on HOT

Posted on Tuesday, July 22, 2008 3:14 PM

Starwood Hotels & Resorts Worldwide Inc. (HOT) opened at 36.98. So far today, the stock has hit a low of 36.00 and a high of 38.23. HOT is now trading at 37.74, down 0.28 (-0.74%). The stock hit its 52 week high of 74.63 in July and set its 52 week low of 30.26 in July. HOT has been generally down for the past year. Shares of Starwood Hotels & Resorts Worldwide have been declining in today's market after a JMP Securities analyst downgraded the stock to "Market Perform" from "Market Outperform." Technical indicators for the stock are bearish and steady while S&P gives HOT a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider an August bear-call credit spread above the $45 range. HOT stock could rise up to 18.9% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]